地方政府专项债券风险治理机制创新研究

Research on Risk Management of Local Treasury Bonds

专项债券作为地方政府拉动投资最直接、最有效的政策工具之一,在助力稳投资稳增长,增强发展内生动力等方面具有重要作用。随着债券发行规模不断扩大,总体风险可控的同时,呈现出风险积聚和递延的趋势。专项债券风险治理机制受风险治理责任落实不到位等因素影响,仍存在债券管理约束不力、项目管理不到位、债券资金管理不严等问题,导致专项债券出现一般债券同质化倾向,融资收益自平衡要求难落实,风险隐患上升。健全地方政府专项债券风险治理机制的关键是进一步夯实主体责任,将事后的债务重整拓展到事前的债务风险预防,进一步健全地方政府专项债券风险有效识别、预警和应对机制,实现市场约束与行政管控协同作用,将专项债券规模控制在合理水平并实现地区间、层级间、期限间的分布相对均衡,确保专项债券促进经济社会发展的同时按时还本付息。

As one of the most direct and effective policy tools for local governments to stimulate investment,local treasury bonds play an important role in stabilizing investment and enhancing the endogenetic impetus of economic growth.As the scale of bond issuance continues to expand,while the overall risk is controllable,there is a trend of risk accumulation and extension.This paper starts with the analysis of the risk characteristics of local treasury bonds,then analyzes the problems and reasons that exist in the bond management,project management,and fund management in terms of the local treasury bonds solvency risk prevention and control mechanism,such as the difficulty in identifying solvency risks,unbalanced financing income,and low efficiency.Finally,this paper puts forward a series of suggestions such as implementing main responsibility,improving management effectiveness,and promoting coordinated prevention and control.